Placer Dome gold sales up 42%

This compares with $215 million or 96 cents per share on revenues of $591 million in the same period of 1988. Earnings in the 1988 period include after-tax gains of $134.2 million primarily from the sale of the Falconbridge interest and a $20-million writedown in the carrying value of U.S. oil and gas properties.

Although the company’s share of gold sold in the nine months was 42% higher than in the 1988 period, gold earnings at $59.8 million were $9.8 million lower. During the nine months, cash production costs averaged $250(US) per oz, compared with $239 per oz last year.

Earnings of $31.7 million from other metals were $11 million higher than in the first nine months of 1988 (excluding the 1988 contribution from the interest in Falconbridge). Earnings from oil and gas were $7.7 million for the 9-month period while interest and investment income totalled $30.3 million.

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